Advice please re; soon to be retired with mortgage.

[Alon52]

I am 65 next year and due to retire, I will only have Jobseeker's Allowance, still have 4 years mortgage. I am not in arrears and don't have any savings left. Advice please

 

[Gordon Gekko]

Is there any scope for you to downsize?

Could your family help out?

How much is the property worth?

 

[moneybox]

You will be entitled to contributory state pension at age 66 which will be a little more than jobseekers . Do you have any private pension coming to you?

 

[twofor1]

Rent a room / rooms ?

http://www.citizensinformation.ie/en/housing/owning_a_home/home_owners/rent_a_room_scheme.html

 

[Alon52]

Is there any scope for you to downsize?

Could your family help out?

How much is the property worth?

Can't downsize,the amount outstanding is about €20000. One child living abroad, has given huge assistance already.property worth about €90000

 

[Alon52]

You will be entitled to contributory state pension at age 66 which will be a little more than jobseekers . Do you have any private pension coming to you?

No private pension

 

[Sarenco]

Your mortgage provider might agree to extend the term for a few years but your budget in retirement is going to be very tight.

Are you actually required to retire or is there any possibility that you could gain employment elsewhere?

 

[Alon52]

Your mortgage provider might agree to extend the term for a few years but your budget in retirement is going to be very tight.

Are you actually required to retire or is there any possibility that you could gain employment elsewhere?

My contract is to 65, I've already signed up to do agency work near home. I'd rather find a solution than go into arrears, should I contact mortgage provider

 

[cremeegg]

Well how much is your monthly mortgage payment, can you over pay a bit now to reduce the amount that will be left when you retire.

 

[Alon52]

Well how much is your monthly mortgage payment, can you over pay a bit now to reduce the amount that will be left when you retire.

My mortgage is €560 monthly, I had increased payments up until recession but due to salary cut and universal charge had to reduce it.

 

[Sarenco]

I'd rather find a solution than go into arrears, should I contact mortgage provider

I think that would be sensible.

 

[Brendan Burgess]

Which lender is it?

Ask them to switch it to interest only indefinitely.

€20,000 @ 4% is #800 a year or €16 a week.

Much cheaper than renting something equivalent.

If they refuse , report back and I will suggest how to appeal it

 

[jjm]

HI
If you are in good health and have not being missing time your employer may extend your contract of employment, Where I work contract says 65 employer extend one year at a time provided / health/timekeeping and you are still able for your job (doctor Cert required Each year after 66 for insurance reasons) ,If you are signing up for agency work you must be in good health, Seen you took a pay cut will stand to you now,

 

[Bronco Lane]

My mortgage is €560 monthly, I had increased payments up until recession but due to salary cut and universal charge had to reduce it.

Is it possible that your mortgage has a "credit" balance in the repayments section. That they were never actually capitalised. Some lenders will allow you take back the over payments. I would certainly advise them that you were overpaying at one time so you are actually ahead on your mortgage repayments.